Robert Bentley signs bill to help protect vulnerable adults from financial exploitation into law

April 18, 2016

Gov. Robert Bentley has signed a bill to help protect vulnerable adults from financial exploitation into law Monday.

Drafted by the Alabama Securities Commission (ASC), SB 220, entitled Protection of Vulnerable Adults from Financial Exploitation Act, will provide an important added layer of legal protection for Alabama adults who may be susceptible to financial abuse and exploitation.

Under the new law, both the Alabama Securities Commission and the Alabama Department of Human Resources would be promptly notified by broker-dealers, investment advisers, agents and other qualified individuals who service the financial needs of adults when those financial professionals have a reasonable belief that financial exploitation of a vulnerable adult may have occurred, has been attempted or is being attempted.